By consent the matters were heard finally on 12 and 13 June 2013 and as the common parties and issues are involved, heard accordingly and therefore this common Judgment.

2. The Petitioners-original Respondents, Borrowers-Guarantors, have invoked Section 34 of the Arbitration and Conciliation Act, 1996 (for short, the Arbitration Act), and thereby challenged an ex-parte award dated 15 June 2012 passed by the sole Arbitrator, (Respondent No.2) and in favour of the Financer Company-Respondent No.1. (for short, “the financer”).

3. The operative part of the Award is as under:-

“a) The Respondents do jointly and/or severally pay to the Claimants a sum of Rs.2,19,28,031.84/- (Rupees Two Crore Nineteen Lakhs Twenty Eight Thousand Thirty One and paise Eighty Four only), together with the interest thereon @ 15.25% p.a. from 10th April, 2012, as per the foreclosure statement, till payment or realization thereof.

b) It is hereby declared that the property to viz., Unit No. 002/B at Ground Floor & Unit No. 001/A at Basement, Building No. B, Poonam Chambers, Poonam Chambers Commercial Premises CHS Limited, Dr. Annie Besant Road, Near Ceejay House, Worli, Mumbai-400 018, is validly and eq